F88 wins two international awards for customer-centric growth strategy

F88, a major Vietnamese financial services company, has received two international awards from the Asian Banking & Finance (ABF), a Singapore-based publication, recognizing its initiatives in customer experience and service innovation.

F88 was awarded the Customer Experience Initiative of the Year and Service Innovation of the Year titles, honoring the company's efforts to transform customer service processes while improving lending products through greater transparency, simplified procedures, and long-term customer engagement.

The initiatives were built on three core foundations: customer behaviur research, data analytics and the redesign of the customer journey, F88 said.

Representatives from the Asian Banking & Finance said the awards recognized not only F88's efforts but also reflected a broader shift in Vietnam's alternative finance market, where companies are increasingly competing not only on lending conditions and interest rates but also on customer experience and long-term relationships.

As F88 enters a new growth phase focused on promoting financial inclusion, the company said it is investing in the experience of its existing 1.4 million customers, aiming to build lasting relationships rather than focusing solely on individual transactions.

F88's research found that customers return for multiple reasons when seeking loans, with interest rates being only one factor. Another key factor is their overall borrowing experience, particularly at the repayment stage, which the company refers to as the "moment of truth" – a critical point that influences whether customers continue using its services.

"We do not view loan repayment as the end of a transaction, but as the beginning of a long-term relationship with customers. Every improvement starts with the question of what we need to do to maintain customers' trust and encourage them to return when they need financial support," said Nguyen Thi Thuy, director of F88's customer segment center, which focuses on customer research.

Based on in-depth analysis of customer behavior and needs, F88 has undertaken a comprehensive redesign of its service processes, covering both its physical branch network and digital platforms.

The company has standardized employee service guidelines, streamlined administrative procedures, and expanded digital financial solutions through its mobile application, allowing customers to access capital more quickly and flexibly.

At the same time, online communication channels have been shifted towards greater personalization, delivering relevant information to customers based on their actual needs and at appropriate times.

F88 said the strategic transformation has delivered positive business results shortly after implementation. The number of returning customers increased by 24% in the first month following the introduction of the new policies.

Customer utilization also improved, with additional loan requests, or top-up loans, rising by 86%. Customer satisfaction scores at key transaction milestones increased by 4% across the system.

The changes and measurable results formed the basis for the Asian Banking & Finance judging panel's decision to award F88 the two honors for customer experience and service innovation in Vietnam.

"In an increasingly competitive market, differentiation is no longer only about disbursement speed or network scale, but about the ability to understand and accompany customers – not only during difficult times but throughout their financial journey," said Pham Tran Long, deputy CEO of F88.

"Going forward, F88 will continue to strengthen customer research, apply technology and incorporate customer insights into products across its financial ecosystem, while maintaining its development direction in line with international standards in governance, customer experience and sustainable growth," he added.